Stakeholders in the financial sector and banks are divided over re-issuance of the old naira notes following the Supreme Court judgement extending their legal tender status till December 31st 2023. While banks said they cant commence re-issuance of the old notes until they are directed to do so by the CBN, stakeholders including bank customers, financial analysts and business owners have called for immediate re-issuance of the old naira notes in compliance with the Supreme Court,
One of the officials working with Access Bank who spoke on condition of anonymity said the banks would obey what CBN says, not the Supreme Court.
“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator”, he said.
On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.
“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President
Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.
